Top Ten Investments

Keystone Investment Trust Plc                         

HEADING: Top 10 Investments

Keystone Investment Trust Plc announces that, as at 30 June 2004, its top ten
investments were as follows:

Investments over 5% of total assets                      
                                                         
None                                                     
                                                         
Investments under 5% of total assets                     
                                                         
RJ Reynolds Tobacco                                      
                                                         
BT Group Plc                                             
                                                         
Tesco                                                    
                                                         
British American Tobacco                                 
                                                         
GlaxoSmithKline                                          
                                                         
Altria Group Inc                                         
                                                         
Unilever                                                 
                                                         
Lloyds TSB Group                                         
                                                         
BAE Systems                                              
                                                         
National Grid Transco                                    
                                                         

Ordinary Shares unless otherwise stated.

This information is based on the most recent available valuation, as at 30 June
2004.

This announcement is made in accordance with Paragraph 21.20(l)(ii) of the
Listing Rules.

INVESCO Asset Management Limited

2 July 2004